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Date: January 3, 2000 |
Bulletin No. 144 |
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Date: January 3, 2000 |
Bulletin No. 144 |
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| Subject | Changes in Federal Income Tax Withholding Tables for the Year 2000 |
| Purpose | To advise agencies of increases in withholding allowances |
| Affected Employees | All employees |
| Effective Date | New rates will be reflected in the Administration checks dated January 5, 2000 and Institution checks dated January 13, 2000. |
| Tax Tables | The value of a withholding allowance has been increased to $53.85 weekly, $107.69 biweekly, $233.33 monthly and $2,800 annually. PeopleSoft uses the annual tax tables published in Circular E. To request a copy of the Circular E, Employer’s Tax Guide, contact the IRS at the toll free number 1-800-829-3676 or visit their website at www.irs.ustreas.gov to view this publication. |
| Advance
Payment of Earned Income Credit
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In 2000, employees whose earned income
is less than $27,413 may be eligible for the advance payment of the Earned
Income Credit (EIC), with a maximum credit of $1,412. The new 2000 tables
for calculating the credits may also be accessed as indicated above.
Eligible employees must complete a new W-5, Earned Income Credit Advance Payment Certificate each year. Copies of the forms may be obtained from IRS. |
| Questions | Question regarding this bulletin may be directed to the Payroll Deductions mailbox. |
